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SEC invites public opinions on proposed law amendment concerning regulations of intermediaries in the capital market to increase efficiency in technology adoption for development of business and infrastructure in the capital market



Friday 27 November 2020 | No. 224 / 2020


Bangkok, 27 November 2020 – The Securities and Exchange Commission (SEC) is seeking public comments on amendments to the provisions of Securities and Exchange Act B.E. 2535 (1992) and the Derivatives Act B.E. 2546 (2003) concerning securities business operators and derivatives business operators. The laws will be amended to keep pace with rapidly changing environments, create no obstacles or undue burdens to the public, and put on SEC’s power to supervise infrastructure providers which would play a role that can lead to the development of the capital market as a whole.

Today, development of technology is rapid and continuous. It disrupts development of services in the capital market. However, SEC views that many provisions in the Securities and Exchange Act B.E. 2535 (1992) and the Derivatives Act B.E. 2546 (2003) do not keep pace with these rapidly changing environments which may unintentionally limit the area that business operators can make use of technology, such as provision that requires business operators to disclosure its financial statements to the public via traditional channel only. Moreover, the current laws do not clearly state the SEC’s power to supervise the providers of infrastructure services which use digital technology to improve the efficiency of transaction process in the capital market. 

Therefore, SEC is seeking comments from the public and all relevant stakeholders regarding the principles to amend these two Acts as follows: (1) broadening the channels for business operators to disclose financial statement information and related information, (2) revising the supervision of major shareholders of business operators under both laws so that it will be applied consistently, (3) reconciling the supervision of persons who work in capital market under both laws, (4) reviewing the coverage of business operators that subject to provisions on the appointment and approval of auditors, (5) amending the corporate status of the business operator after license revocation, and (6) stating the scope on supervision of infrastructure service providers in the capital market which would allow the operators to conduct their business under appropriate oversight and to maintain confidence of investors who use the services.

The consultant paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=678, Stakeholders and interested parties are welcome to submit comments via website or email: kornwara@sec.or.th or SEC Hotline 1207 (24-hour service). The public hearing will end on 28 December 2020.  

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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 224 / 2020 Friday 27 November 2020
SEC invites public opinions on proposed law amendment concerning regulations of intermediaries in the capital market to increase efficiency in technology adoption for development of business and infrastructure in the capital market
Bangkok, 27 November 2020 – The Securities and Exchange Commission (SEC) is seeking public comments on amendments to the provisions of Securities and Exchange Act B.E. 2535 (1992) and the Derivatives Act B.E. 2546 (2003) concerning securities business operators and derivatives business operators. The laws will be amended to keep pace with rapidly changing environments, create no obstacles or undue burdens to the public, and put on SEC’s power to supervise infrastructure providers which would play a role that can lead to the development of the capital market as a whole.

Today, development of technology is rapid and continuous. It disrupts development of services in the capital market. However, SEC views that many provisions in the Securities and Exchange Act B.E. 2535 (1992) and the Derivatives Act B.E. 2546 (2003) do not keep pace with these rapidly changing environments which may unintentionally limit the area that business operators can make use of technology, such as provision that requires business operators to disclosure its financial statements to the public via traditional channel only. Moreover, the current laws do not clearly state the SEC’s power to supervise the providers of infrastructure services which use digital technology to improve the efficiency of transaction process in the capital market. 

Therefore, SEC is seeking comments from the public and all relevant stakeholders regarding the principles to amend these two Acts as follows: (1) broadening the channels for business operators to disclose financial statement information and related information, (2) revising the supervision of major shareholders of business operators under both laws so that it will be applied consistently, (3) reconciling the supervision of persons who work in capital market under both laws, (4) reviewing the coverage of business operators that subject to provisions on the appointment and approval of auditors, (5) amending the corporate status of the business operator after license revocation, and (6) stating the scope on supervision of infrastructure service providers in the capital market which would allow the operators to conduct their business under appropriate oversight and to maintain confidence of investors who use the services.

The consultant paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=678, Stakeholders and interested parties are welcome to submit comments via website or email: kornwara@sec.or.th or SEC Hotline 1207 (24-hour service). The public hearing will end on 28 December 2020.  

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